PoliticsNY Attorney General: Trump exaggerated his net worth by billions between 2011...

    NY Attorney General: Trump exaggerated his net worth by billions between 2011 and 2021

    Former President Donald Trump exaggerated his net worth by between $812 million and $2.2 billion each year between 2011 and 2021, New York Attorney General Letitia James’ office claimed in a document released Wednesday.

    The document is related to the civil case initiated in 2021 and being settled in the Supreme Court of New York, in which Donald Trump, his sons Donald Jr. and Eric, and the Trump Organization are accused of tax fraud, by allegedly inflate the value of their properties to obtain financial benefits, such as loans on better conditions.

    Attorney General Letitia James asked Judge Arthur Engoron on Wednesday for a partial summary judgment against Donald Trump and demanded payment of $250 million. and that their ability to do business in New York be restricted, which would be a significant blow to their income.

    James accused the former president of widespread financial fraud, citing what he called a “mountain of indisputable evidence” of false and misleading financial statements.

    In the court filing, James said evidence shows that if Trump’s net worth were calculated correctly, it would be between 17% and 39% less than he claimed each year over the course of a decade, “which translates at a whopping $1 billion or more in all but one year,” according to CNBC.

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    The allegedly false financial statements included years when Trump was in the White House, according to the court file.

    “Based on the indisputable evidence, a trial of the court is not required to determine that the defendants presented grossly and materially inflated asset valuations” and used them in “business transactions to defraud banks and insurers,” states the motion, cited by several media.

    Judge Engoron has scheduled a hearing to address the request on September 22, but if he agrees with prosecutor James and issues that summary verdict, A bench trial would also take place to address other issues in the lawsuit, unless the parties reach an agreement.

    The accused have maintained their not guilty and Trump has defended himselfas in the rest of the civil and criminal cases he faces, citing an alleged political witch hunt against him and even saying that prosecutor James – who is African-American – is racist.

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    Trump’s lawyers argued in a separate filing Wednesday that the case should be dismissed, according to CBS News. They said Trump received many of the loans at the center of the allegations too long ago and that they fall under the state’s statute of limitations that prevents them from being brought to court.

    James’ office argues in its filing that to rule in his favor, The judge must determine that Trump’s financial statements were “false or misleading” from 2011 to 2021, the years for which the state is suing; and that the statements were used “in the conduct of commercial transactions.”

    “The answer to both questions is a resounding ‘yes’ based on the mountain of indisputable evidence,” the attorney general’s office said in its filing.

    This is the latest in the legal problems that continue to pile up against Donald Trump.

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    On August 24, Trump surrendered to authorities in Fulton County, Georgia, where he and 18 others are charged with extortion in a criminal case related to their alleged efforts to overturn the results of the 2020 presidential election in the state. .

    In New York’s Manhattan court, Trump pleaded not guilty to 34 counts of falsifying business records in April.

    Additionally, he has pleaded not guilty in a pair of federal cases in which he is accused of 40 felonies related to “intentional retention” of national security information found at his Mar-a-Lago residence after leaving the White House.

    And the former president faces four felony charges related to his alleged effort to thwart the peaceful transfer of power after losing to President Joe Biden in 2020.

    Keep reading:

    – Eight key dates for Donald Trump’s political aspirations
    – Trump must return to NY to testify in Attorney General Letitia James’ civil lawsuit
    – Judge warns that Trump fraud trial in New York will be held “against all odds”

    Source: La Opinion

    This post is posted by Awutar staff members. Awutar is a global multimedia website. Our Email: [email protected]


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